CORRECTED: Affymetrix Reports Q1 Revenue Rise

This article has been corrected from a previous version that misstated the company's cash holdings.

SAN FRANCISCO, April 24 - Affymetrix on Wednesday posted increased revenues for the first quarter 2002.

For the three months ended March 31, the company reported revenues of $68.1 million, compared with $54.9 million in the same period one year ago. The first quarter revenue includes $6 million from wafers sold at cost to subsidiary Perlegen Sciences, according to Affymetrix.

Affymetrix said that it had a pro forma profit of $400,000, or $.01 a share, for the first quarter of 2002, its second consecutive quarter of pro forma profit.

Under standard rules, Affymetrix reported a $3.6 million loss, or $.06 a share, compared to a loss of $10.8 million, or $.19 per share, for the year-ago period.

The company said that revenue from its GeneChip arrays grew 38 percent to $57.2 million for the first quarter of 2002 compared to the same period a year ago.

Research and development dropped to $16.7 million for the first quarter versus $19.3 million for the year-ago period, though the company said that the 2001 numbers included Perlegen-associated R&D.

Affymetrix said it has $65 million in cash and cash equivalents and $286 million in available-for-sale securities.